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The EUR/USD pair drops aggressively as the US Dollar Index has managed to jump higher after stabilizing above the 94.21 weekly pivot point. At the time of writing, the DXY retreated a little from today's high of 94.60, that is why the EUR/USD has rebounded from today's low of 1.1511 .
EUR/USD could extend its downside movement if the Dollar Index registers a valid breakout above the 94.50 resistance level. Fundamentally, the US Consumer Price Index registered 0.9% growth in October versus 0.6% expected and compared to 0.4% in September, while the Core CPI reported a rise of 0.6%, exceeding the 0.4% growth expected by specialists. Higher inflation could force the Federal Reserve to hike rates sooner than expected, that is why USD is strongly bullish right now.
The EUR/USD pair dropped to as much as 1.1511 after failing to stabilize above the 1.1566 weekly pivot point. I have mentioned in my previous analysis that EUR/USD could turn to the downside after failing to hold above the 1.16 psychological level and after failing to reach and retest the upper median line (UML).
As you already know from my analysis, EUR/USD could extend its downward movement if it makes a valid breakdown below 1.1529.
I believe that a new lower low, that is, a bearish closure below 1.1513 could activate a larger downside movement. Dropping and closing below the weekly S1 (1.1514) could confirm more declines. The median line (ML) of the descending pitchfork could be used as a downside target.
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